Friday, October 21, 2022

BIDENOMICS - Poll: Biden Nearly 50 Percent Underwater With Parents - IF YOU'RE AN AMERICAN, DON'T EXPECT THAT YOUR CHILD WILL HAVE A QUALITY EDUCATION, EVER HAVE A JOB OR EVEN A HOME. EXPECT POVERTY AND PUSH 2 FOR ENGLISH


NO ONE WORKS HARDER FOR FOREIGNERS THAT THE DEMOCRAT PARTY!

President Joe Biden “needs to use his bully pulpit but also his political capital to make sure that he’s delivering for immigrant youth who have been here since they were children,” said Marielena Hincapie, who heads the National Immigration Law Center. “There is no other time — Let’s not wait until the Supreme Court rules,” she told Politico.com on October 20. 

Poll: Biden Nearly 50 Percent Underwater With Parents

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 • October 20, 2022 3:52 pm

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An enormous majority of Americans with children disapprove of Joe Biden's job as president, according to a Monmouth University poll released Thursday.

Sixty-nine percent of Americans with kids in the house disapprove of Biden's job performance, the poll found. Only 24 percent approve of his performance, by contrast, making a whopping 45-point gap.

The poll found that 53 percent of all American disapprove of Biden, the same figure as his FiveThirtyEight polling average. But it is one of the first since the 2020 election to look into what parents think of the president. In 2020, Biden won among parents of school-age children, 52 percent to 46 percent, according to the New York Times.

The poll also found that a plurality of Americans, 49 percent, want the Republican Party to win control of Congress this November. Inflation is Americans' top issue, the poll found, while abortion is in sixth place after crime, immigration, and unemployment, among other issues.

Published under: 2022 ElectionJoe BidenPolls



Mark Levin: Why do Democrats hate America?


https://www.youtube.com/watch?v=pllML6OQRLk


The level of 'corruption' in our government is 'unacceptable': JD Vance

https://www.youtube.com/watch?v=mpa0w4A87Ao


On the 14th of August 2020, Politico Magazine, in a lengthy article, revealed for the first time Barack Obama’s true opinion of Joe Biden together with his warning to the people of America.  During the 2020 primary Obama told a fellow Democrat: “Don’t underestimate Joe’s ability to f**k things up.” STEVE McCANN


'Does Biden Want More Migrants to Come to Delaware?' Jean-Pierre: 'I Don't Even Understand That Question'

By Peyton Holliday | October 20, 2022 | 2:50pm EDT

  

White House Press Secretary Karen Jean-Pierre.  (Getty Images)
White House Press Secretary Karen Jean-Pierre. (Getty Images)

(CNS News) – At the White House on Wednesday, when asked whether President Joe Biden would be willing to send illegal immigrants to his home state of Delaware, Press Secretary Karen Jean-Pierre she did not “understand that question.”

During the Oct. 19 press briefing, a reporter asked Jean-Pierre, “You condemn governors sending migrants to various cities across the country, but where should officials that are overwhelmed by the number of migrants coming into their cities and into their shelters, where should they send the migrants?”

Jean-Pierre replied, “Well, we have said many times before there’s a process, a legal process, and that we are willing to work with cities who are dealing with this issue. What we have seen from governors is that they are using migrants as a political tool. That’s not the way to do it.”

She continued, “They’re sending migrants, as we have seen the last several months and the last several weeks, they are sending migrants without letting city officials know. Without letting the federal government know. And what they do is they call TV news stations to be there to capture this moment and use it as a political stunt. We will continue to call that out, but we are willing and open to work with cities that are dealing with this issue, as we have done with New York City, as we have done with Washington, D.C., and other cities as well.”

The reported then asked, “Does President Biden want more migrants to come to Delaware?”

The White House press secretary replied: “I don’t even understand that question.”

Florida Gov. Ron DeSantis (R-Fla.), who sent illegal immigrants to Martha’s Vineyard recently, said last year that if the Biden administration was going to send the immigrants to Florida cities, he would “send them to Delaware.”

President Joe Biden.  (Getty Images)
President Joe Biden. (Getty Images)

"If he’s [Biden’s] not going to support the border being secure, then he should be able to have everyone there," he said. 

Last month it was rumored that DeSantis had also sent some illegals to Delaware. At the time, Jean-Pierre said, “Our heads up did not come from Gov. DeSantis because his only goal, as he's made it really quite clear, is to create chaos and using immigrants fleeing communism as political pawns.”

When asked about illegal immigrants being sent to Delaware, President Joe Biden responded, "You should come visit. We have a beautiful shoreline." 


Joe Biden: Unfit for Office

By Gary M. Wilmott

Never in American history has a major political party nominated two candidates for president and vice-president who are so manifestly unfit for the elective offices they seek.

Joe Biden, the corrupt, unaccomplished 47-year career politician, with a reputation of having been a proud segregationist, an unabashed plagiarist and liar, a resolute tale-teller, and a serial flip-flopper, is pretending to head up a radical social-democratic ticket for President of the United States that includes as his running mate the ambitious, disagreeable junior senator from California: Kamala Harris. 

Biden, Obama’s vice-presidential lackey for eight years (a period of unprecedented corruption and personal enrichment for both men), has always craved power and attention.  But unfortunately for Joe, his mouth, hands, and nose have consistently undermined his presidential ambitions. 

 

Jill Biden Attends Event for 20 Minutes, Asks Audience to 'Dig a Little Deeper' After They Already Paid $1,000

 By Ryan Ledendecker

 As the November midterm elections inch closer, Democratic and Republican candidates — especially those in tight races — will deploy any last-minute advantages at their disposal to gain even a slight increase in their chances of emerging victorious.

For Democrats, one of those advantages, weirdly enough, is first lady Jill Biden. She was described by The New York Times as one of President Joe Biden’s “most popular” surrogates, and requests for her appearance at Democratic political events and fundraisers before the midterms are reportedly piling up.

However, as Americans struggle to determine how they’ll buy groceries, fill up their gas tanks and pay their electric bills under the historic inflation that has marked her husband’s presidency, the first lady recently asked donors at an Atlanta fundraising event for Democratic gubernatorial candidate Stacey Abrams to throw even more money at Abrams and other candidates, even though they’d already paid a cool $1,000 to attend the event, the Times reported.

“I’m asking you to dig a little deeper,” Jill Biden told the audience during her 20-minute appearance before she slipped out through the kitchen door to head to the next event.

The fact that the White House deployed the first lady to Georgia probably means Abrams is scrambling for a last-minute boost to her campaign as incumbent Republican Gov. Brian Kemp continues to dominate her in the polls.

According to The Atlanta Journal-Constitution, Abrams said earlier this month that she anticipated “having folks from the Biden administration, including the president himself, if he can make it.”

While many Democratic candidates are clearly frightened by President Biden’s unpopularity, Abrams and her campaign are leaning into it.

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“I want to be a partner to the White House, not in opposition to it,” she said, according to the Journal-Constitution, “because billions of dollars are coming to the state because of Joe Biden’s leadership, because of the leadership of [Democratic Sens.] Raphael Warnock and Jon Ossoff and our Democrats in our congressional delegation.”

Nathan Price, a University of North Georgia political scientist, said he believes Abrams is gambling on sticking close to the struggling U.S. president despite it being considered a contrarian play at the moment.

He said she “may feel like this is a risk worth taking if it helps energize her base.”

According to The Hill, Georgia was far from Jill Biden’s only stop in the weeks before Election Day.

Within the past week, the first lady has also made stops in Tennessee, Wisconsin and Florida.

Related: Is Jill Biden Secretly Being Prepped for a 2024 Presidential Run? May Be Dems' Perfect Candidate

In the Sunshine State, she appeared alongside Democratic Rep. Val Demings, who is running for the Senate, and Democratic gubernatorial candidate Charlie Crist.

“The first lady will be an active campaigner for Democrats this fall and will carry a message of optimism and hope, focusing on the accomplishments of her husband’s administration,” one of the first lady’s senior advisers told the Hill.

Her schedule ahead of one of the most impactful midterms in U.S. history stands in stark contrast to that of former first lady Melania Trump, who mostly stayed out of the limelight during the 2018 midterms.

As to why Jill Biden is being sent across the country when her husband becomes increasingly unpopular, the Times reported that “White House officials believe she appeals to suburban women and can communicate to Americans ‘beyond the Twitterverse and cable news chatter,’ according to Elizabeth Alexander, her communications director.”

One might question why the first lady would ask fundraiser attendees for more money in addition to what they’ve already donated, but like most in the Biden administration, she is so out of touch with the struggles that her husband helped create for the average American that it shouldn’t come as a surprise.

Frank Figliuzzi: FBI Is Developing A ‘Crisis Of Credibility’


Eight things that killed the Democrat Party

The old Democrat Party is gone. In its place is a radical Libertine Party, full of itself and full of radical sexual, cultural, and economic ideas that have all but killed their chances of ever getting legitimately elected again. The following five things are what I believe has murdered the Democrat Party in its sleep:

  1. CRT: Critical Race Theory in all its permutations, regardless of its origins and history, has become the banner of anti-white racism, disguising itself as "anti-racism." Under its banner, white people are told they are worthless, toxic, hateful oppressors. Worse, companies are actually hiring people who promote this toxicity and schools are teaching students to hate white people. Now out in the open, anti-white racism has created a hate-filled atmosphere of constant tension and dissension, where the only thing that matters, first and foremost, is skin color. This can only be laid at the feet of Democrats.
  2. TRANS WOMEN IN WOMEN'S SPORTS: The gross unfairness of allowing men into women's sports (no, I will not call them "women") is so blatant and outrageous, that proponents are seen not merely as insane, but malevolent. The destruction of women's sports is viewed by all rational people as evil in the name of wokeness.
  3. CORRUPTION IN THE FBI: The malicious and ethics-free raid on Mar-a-Lago is viewed even by many Democrats and all Republicans as vicious political intimidation, with the goal of destroying any followers of Donald Trump. This began in earnest during the "Russia collusion" case and saw its culmination in midnight raids of innocent conservatives revealing a hateful, vengeful vigilantism on the part of the radical left. In the hope that supporters of Trump and other conservative candidates would drop out of politics in fear of similar reprisals, these Gestapo tactics have not only solidified Trump's support and the support of even moderately conservative candidates, but have shown the Left to be petty children in a deranged, red-haze temper tantrum.
  4. COVID MASK AND VACCINE MANDATES: Certainly a show of power rather than anything prophylactic against COVID, blue states and leftist groups have revealed that they know the masks do not prevent COVID, but instead are a symbol of big-government Stasi tactics designed to subjugate the citizenry in order to prepare them for eventual control.
  5. DRAG QUEENS IN THE SCHOOLS: Young children have been indoctrinated into sexual fetishism and perverse sexual behavior at the behest of school administrators and leftist parents who seem to see nothing morally wrong with gay men dressing up as women in highly sexually-suggestive costumery and behavior. Why they are doing this has become clear: They want to break down all parental control over children and indoctrinate them into pedophilia, perversity, and compliance. For most parents, this was a bustier too far.
  6. THE ECONOMY: From the start in 2021 when Joe Biden killed the Keystone pipeline and halted all drilling and new permits, the economy began tanking. Gas prices, supply line problems, paying people not to work, profligate spending, and other avoidable problems has hit the average American smack dab in the wallet. No matter how much the Biden administration denies their role in inflation and no matter how many times Joe says the economy is "strong as hell," Americans watch their buying power dwindle. They want relief and it is clear they will not get it from the Democrat Party.
  7. ILLEGAL IMMIGRATION: From day one, the borders were flung open by the Democrat Party to drug traffickers, murderers, and myriad other miscreants in the hope they would be new Democrat votes. As a result, crime is rampant, blue cities under Democrat rule are suffering and homelessness is on the rise, all the while Biden spokespeople are claiming the "border is closed." Squealing like stuck pigs, places like New York City which have reluctantly become home to Texas' illegals, have seen a marked inability to safely house the very illegals they claim to have wanted to live in their "sanctuary city."
  8. CRIME: Because of the Democrat rule in blue cities, crime is not being prosecuted in the name of some weird kind of reparations. What the Democrats don't get is that they hurt their own innocent population by allowing criminals a get-out-jail-free card, and by not prosecuting at all. Their racist policies hurt the very people they claim to want to help. Why are they doing this? To deliberately create chaos in the execution of anti-white racism. The one solution to the rising crime rate, the prosecution and incarceration of criminals, is the one thing blue cities under Democrat rule will not do. Mayor Lightfoot makes weird and demonic home videos of herself dancing around in what appears to be a drugged stupor. Rather than be a responsible mayor, she has totally ignored the death-by-violence rate in Chicago. This is another very clear example of Democrats doing what they do best; destroying things.


All this is happening under Democrat governance and it is clear even to Democrat voters of good will that their party is no longer serving them but is serving Luciferian ends.

JOE BIDEN MINISTER OF PROPAGANDA AND OPEN BORDERS MARK ZUCKERUNT NEVER STOPS PUSHING FOR AMNESTY EVEN AS HE LAYS OFF WORKERS AT FACEBOOK!

WELL, WE'RE SURE NOT GOING TO EVER SEE NAFTA JOE 'DELIVERING' FOR MIDDLE AMERICA!

President Joe Biden “needs to use his bully pulpit but also his political capital to make sure that he’s delivering for immigrant youth who have been here since they were children,” said Marielena Hincapie, who heads the National Immigration Law Center. “There is no other time — Let’s not wait until the Supreme Court rules,” she told Politico.com on October 20.

Business Pushes for Lame-Duck Amnesty

Amnesty
AP Photo/Nam Y. Huh
8:37

Business groups and their progressive allies are pushing Congress to accelerate more corporate migration during the lame-duck session after the election.

The business push for cheap labor is hidden behind plaintive, media-magnified calls for the amnesty of “Dreamers.” That term is used by advocates and the media to glamorize roughly three million younger illegal migrants who are staying in the United States by their calculating foreign parents.

President Joe Biden “needs to use his bully pulpit but also his political capital to make sure that he’s delivering for immigrant youth who have been here since they were children,” said Marielena Hincapie, who heads the National Immigration Law Center. “There is no other time — Let’s not wait until the Supreme Court rules,” she told Politico.com on October 20.

But the lobbying push is powered by business groups that have many higher priorities than a “Dreamer” amnesty.

Those higher priorities include an amendment in the House’s must-pass defense authorization bill that would allow companies to dramatically escalate their extraction of white-collar workers from poor foreign countries. If approved, the new migrants will help shrink salaries paid to millions of indebted, family-raising American graduates.

That amendment is matched by a Senate amendment that could be added to any moving bill, which is backed by Democrat Sen. Dick Durbin (D-Il), and Republican Mike Rounds (R-SD)

Bloomberg.com reported on October 11:

Senators have introduced a slew of NDAA amendments on other immigration issues. Most will be passed over, but some may make it into a bipartisan managers’ package, and a few may get a vote on the Senate floor. Advocates will try to include many of those same proposals, plus others, in an omnibus spending bill, though prospects remain uncertain.

Efforts include proposals to offer a path to citizenship to noncitizen service members and veterans, recapture unused family and employment-based visas from years past, and restore diversity visas lost to bureaucratic delays and Trump-era travel restrictions.

Overall, business groups prefer to keep reporters focused on young migrants instead of the replacement workers. For example, an advocacy group of West Coast investors — FWD.us — touted a full-page pro-amnesty advertisement in the Wall Street Journal:

The FWD.us investor group backs migration because it boosts their businesses with more wage-cutting workers, more consumers, and more rentersThe founders include Bill Gates, Eric Schmidt, and Mark and Priscilla Zuckerberg. It was created in 2013 to help pass the 2013 “Gang of Eight” cheap labor and amnesty bill.

The staff of the FWD.us group tries to hide the identity of the wealthy investors who founded and funded the group. But copies exist at other sites.

FWD.us has long fueled the DACA debate to minimize media coverage and public recognition of Fortune 500 migration.

The Wall Street Journal ad was sponsored by a spinoff of FWD.us, the Coalition for the American Dream. It declared:

The worker shortage will get worse for the United States if hundreds of thousands of critical workers [the ‘DACA” recipients of illegally-awarded work permits) are stripped of their legal ability to support themselves and their families. That is the situation we currently face if this ruling becomes final, and it is the reason for our request today.

Given that DACA applications and renewals were granted on a rolling basis, the end to this program means that an estimated 22,000 jobs would be lost every month for two years. That is roughly 1,000 job losses per business day at a time when the U.S. economy already faces significant workforce shortages.

When the last DACA recipient’s work permit expires, the U.S. will have lost more than 500,000 jobs, and the U.S. economy will lose as much as $11.7 billion annually – or roughly $1 billion monthly – in wages from previously employed DACA recipients. (To put this into perspective, in Texas alone, 400 healthcare workers and 300 teachers will be forced out of their jobs each month.)

“It is, first and foremost, a humanitarian issue, but the broken system is also harming manufacturers’ competitiveness,” said Jay Timmons, CEO of the National Association of Manufacturers.

“Our communities, businesses, and economy have all benefitted from the contributions of these young men and women,” claimed Matthew Shay, CEO of the National Retail Federation. “It is time to provide them with a pathway to lawful permanent residence and ultimately American citizenship.”

The business groups also paid for similar ads in the Dallas Morning News and the Charlotte Observer to pressure Sen. John Coryn (R-Tx) and Sen. Thom Tillis (R-NC).

Of course, any reduction in the number of illegal foreign workers is a boon to more than 100 million Americans who have lost wages and affordable housing because the establishment has pumped millions of cheap, submissive, and hard-working migrants into Americans’ workplaces.

Since January 2021, Biden has allowed roughly four million illegal migrants, visa workers, and legal immigrants into the United States, alongside many foreigners who take jobs after getting tourist visas. That mass inflow damaged Americans’ salaries by flooding the labor market and helped to spike inflation and housing prices.

The migrants are extracted from poor countries with the goal of diverting a larger share of the nation’s income toward investors and Wall Street.

The damage is exemplified by Julia Mallman, a single, childless, 42-year-old kindergarten teacher in Fairfax, Va. Her monthly rents jumped by 25 percent as Joe Biden’s migrants rented spaces in her apartment complex, she told the October 20 Washington Post:

“So many emotions when I saw that,” Mallman said. “I was furious. And disappointed. And demoralized.”

She got a post-pandemic gut punch that is hitting renters across the nation this year. After landlords largely suspended rent hikes and federal assistance came during shutdowns, renters are now paying a steep price for that brief clemency. Nationwide, rents are up 11.3 percent this year, according to the real-estate-research firm CoStar Group. In some parts, like in Mallman’s working-class complex, the penalty … is weighing in at 25 percent.

 “Who can afford this?” she asked, showing me the contract she decided to sign after all, on the day it was due. “The prices are pretty much the same everywhere I look.”

The federal government’s Extraction Migration economy strategy is hidden from the public behind a screen of ineffective border defenses, pro-migration media coverage, official lies, and complex laws.

Even a New York Times writer recognized the scam in an October 20 op-ed:

The border, I think, is imperfect by design: Porous enough to ensure that some people will inevitably manage to get through, delivering a steady supply of cheap and under-the-table labor. Closed enough to prevent a glut of newcomers. Lenient at times because we are a land of immigrants, but punctuated with attention-grabbing crackdowns to dissuade too many people from trying their luck.

The GOP legislators in the House and Senate recognize their voters’ deep opposition to the wealth-shifting migration. So they are zig-zagging away from their donors’ demands before the election. NBC News reported on October 20:

A Republican aide said the “business community always underestimates how hard it is to get legislation through on this topic and tends to misread the political environment.”

Even Democrats doubt Republicans will OK the amnesty, NBC reported:

“From what I’m seeing and hearing, Republicans are not budging on this,” the Democratic aide said. “I’m glad these companies are doing this now, but they’re only as effective as their outreach.”

But the progressive groups keep pushing, amid much damage to Americans.

“It’s clear that the ball is in President Biden’s hands,” Greisa Martínez Rosas, the director of the donor-backed United We Dream group, told Politico.

“He needs to say that it’s his number one priority … He needs to say that clearly, publicly and many times. I think that he can use his bipartisan experience to bring Republicans to the negotiating table,” she told Politico.

 

Church Gives Food to One Millionth Person as Americans Struggle with Inflation: ‘A Blessing to Serve’

STONECREST, GEORGIA - FEBRUARY 05: Volunteers participate in The King’s Table Food Pantry hosted by PETA, Jermaine Dupri, Pastor Jamal Bryant, and Pinky Cole at New Birth Missionary Baptist Church on February 05, 2022 in Stonecrest, Georgia. The event reportedly give away nearly 1,000 vegan food starter kits to families …
Paras Griffin/Getty Images
2:08

Georgia’s New Birth Missionary Baptist Church is celebrating helping citizens during the pandemic and those struggling with ongoing inflation.

The church reached its goal recently of serving free food to its one millionth person since the coronavirus pandemic began, the Atlanta Journal-Constitution reported Tuesday.

In a social media post on Saturday, the church shared a photo of members distributing the food and invited the community to join them for the big day.

“It’s here. 1 MILLION families will be fed TODAY!!! We want YOU to come out and celebrate this WIN with us!” the post read, adding, “We’re having an entire party!”

Followers expressed their joy over the news, one person writing, “It’s truly a blessing to serve the community in such critical ways!!”

“That’s real ministry,” another commented.

Meanwhile, a 69-year-old woman from DeKalb County named Priscilla Ward was shocked to learn she was to receive the church’s huge blessing that came with confetti, household appliances, and a check for $1,000.

Ward said, “I’m just overwhelmed by the joy of the Lord.”

In early 2020 when its leaders saw the community needed help, New Birth opened a food pantry called the King’s Table that eventually grew to host weekly food giveaways for masses of people every Saturday, according to officials.

“The persistent truth is that mounting food insecurity for families and seniors continue to be a solemn reality as our global markets continue to sputter, rising inflation rates challenge our checkbooks and the looming threat of a recession constricts our economic outlook,” New Birth Senior Pastor Dr. Jamal Bryant explained.

“The power of people, when we come together, can truly move mountains,” he added.

High inflation in President Joe Biden’s (D) economy has caused Americans to worry about how to afford basic necessities such as housing, food, and gas but the church is doing what it can to relieve that anxiety.

15 Signs That The Social Decay In America Is Worse Than It Has Ever Been Before

 https://www.youtube.com/watch?v=yDTdgIJcoD8

Study: Over Half of Americans Have Considered Multiple Jobs amid Bidenflation

Man working from home and feeding his baby daughter
Justin Paget / Getty
2:56

Americans are thinking about taking on more work due to high inflation under President Joe Biden’s (D) leadership, a recent study found.

In a news release on Monday Qualtrics reported, “An increasing share of Americans consider their financial situation poor as inflation has pushed up prices on essentials like bread, eggs and baby formula.”

The company continued:

In efforts to increase their take-home pay, 57% of employees want the opportunity to work overtime or extra shifts. Outside of their current job, 37% have looked for jobs with higher salaries, and 38% of workers have looked for a second job. An additional 14% of people plan to look for a second job, meaning more than half of working Americans have considered holding multiple jobs to pay for their living expenses.

The study was performed in August and September, and respondents were considered eligible if they live in the United States and work full-time. More than 1,000 people responded.

Meanwhile, American families have bled $6,000 in annual wages after adjusting for inflation, according to a recent Heritage Foundation study.

“The loss in wages represents a $1,800 increase from September, when American families had lost $4,200 in annual wages under Biden,” Breitbart News reported Monday:

Inflation is at record highs despite Biden’s attempt to reduce inflation through the so-called “Inflation Reduction Act,” which some experts say was not intended to reduce soaring costs. The Consumer Price Index (CPI) in September rose 8.2 percent compared to a year earlier. Compared to a month ago, prices were up 0.4 percent, twice what forecasters had expected.

As voters look toward the fast-approaching midterm elections, most Americans have identified inflation and soaring prices as a top concern, according to a recent survey from the Economist/YouGov.

When it comes to political parties, inflation remained the top concern for Democrats, independents, and Republicans, according to Breitbart News.

The outlet also noted, “Widespread concern over inflation could spell trouble for Democrats, who have enjoyed total party control in Washington, DC, for the last two years.”

During that time period, the country has suffered record-high gas prices and 41-year-high inflation, which was a complete turnaround from the economic situation citizens enjoyed under the leadership of former President Donald Trump.

However, Biden claimed the economy under his leadership was “strong as hell” during a recent campaign stop in Portland, Oregon, where he visited a Baskin-Robbins for ice cream.

Breitbart Business Digest: Bidenflation Set to Steal Christmas—Again

Grinch Stole Christmas
Anna Moneymaker/Getty Images, BNN Edit
5:10

It looks like Bidenflation is preparing to steal Christmas again this year.

A combination of a worsening economic outlook and rising prices will curb holiday shopping this year, according to the annual holiday retail survey from Deloitte.

Holiday shopping is expected to be flat compared with last year, the survey showed. The average household plans on spending $1,455 on holiday shopping this year. Yet prices are up 8.2 percent over the past 12-months. As a result, inflation adjusted spending will be down.

The survey shows that 22 percent of households expect to spend more than last year, with 51 percent of those saying that higher prices are the reason they’ll spend more. Twenty-six percent say they’ll spend less, with 66 percent of those saying higher costs are forcing them to cut their budget. Fifty-two percent say they expect to spend around the same as last year.

The number of gifts households expect to purchase has plummeted by nearly half, falling to nine from 16 last year, according to the survey. The time spent shopping is also likely to contract. Consumers plan on just 5.8 weeks of holiday shopping, down from 6.4 weeks last year. Plans to visit stores fell from 5.9 stores to 6.6 stores in 2021. Website visits for shopping are expected to fall to 9.1 from 11.1 last year. That’s all consistent with the idea that real inflation-adjusted spending is expected to fall.

Retail executives, on the other hand, remain very bullish. Seventy-seven percent say they expect holiday sales to increase. This could have a big impact on inventories if retailers have over-ordered for the holiday season. Last year, early holiday shopping led retailers to expect a big surge through the end of the year. Instead, higher-than-expected sales in October led to lower-than-expected sales after Thanksgiving, leaving retailers with excess inventories. The unwind of that big inventory build-up was one of the big reasons the economy contracted in the first quarter of this year.

Indeed, in a similar pattern to last year, many people plan on getting their shopping done early this year. Twenty-three percent of holiday shopping budgets will likely be fully exhausted by the end of October, according to Deloitte. This is a pattern often seen in inflationary periods: consumers shop early to avoid higher prices later. This, however, can be self-defeating because the surge in demand prompts retailers to hold back on offering discounts.

People still want to give out gifts; but with inflation running so hot, they are forced to cut back somewhere. The Deloitte survey suggests that they plan to pull back on non-gift purchases by a steep 12 percent. Travel demand will also decline. Just 31 percent of Americans are expecting to travel between Thanksgiving and mid-January, down from 42 percent last year.  Non-gift retail purchases during the holiday season are expected to fall to an average of $373. Combined with expected gift spending, overall retail spending is expected to be down five percent.

NEW YORK, NY - DECEMBER 18: A man carrying a shopping bag walks past holiday decorations along Fifth Avenue in Midtown Manhattan, December 18, 2017 in New York City. The city is decked out in holiday spirit with Christmas one week away from today. (Photo by Drew Angerer/Getty Images)

A man carrying a shopping bag walks past holiday decorations along Fifth Avenue in Midtown Manhattan on December 18, 2017. (Drew Angerer/Getty Images)

Spending on “experiences”—which includes entertaining at home and socializing away from home—is expected to grow seven percent compared to last year. Adjusted for inflation, however, purchases for experiences will contract. The Consumer Price Index for food at home is up 13 percent, nearly twice the expected growth of spending plans. Food away from home is up 8.5 percent, also higher than the expected spending growth.

It’s striking how much lower holiday spending plans are now than they were prior to the pandemic. Gift spending was expected to be $511 in 2019, versus the $507 expected this year, a 0.78 percent drop. Non-gift purchases were seen at $389 versus $373 now, a 4.1 percent decline. Experience spending was seen at $596 versus $575, a 3.5 percent decline. Since November of 2019, however, the Consumer Price Index is up by over 15 percent, indicating that real spending plans have fallen by 16 to nearly 20 percent.

Low-income earners plan to spend 25 percent more than last year, defying the overall trend. On the one hand, this could be a “silver lining” resulting from the strength of the labor market. A year ago, the unemployment rate was 4.7 percent and had been as high as 6.4 percent earlier in the year. This year, the unemployment rate has been four percent or lower every month and recently fell to 3.5 percent. On the other hand, this may also be another example of inflation hitting low income workers harder because they cannot avoid the higher prices. High income people, by the way, plan on reducing their spending by seven percent.

Is Wal-Mart Good for America? (full documentary) | FRONTLINE





Report: Walmart, GM Lobby U.S. to Hide Import Data that Could Reveal Slave, Child Labor (MORE BOTTOM)




WALMART IS A DOCUMENTED GOOD EXAMPLE OF WHAT THE BILLIONAIRE CLASS GETS AWAY WITH.

FUK THEM AND THE BILLIONAIRE WALTON FAMILY!

THERE WAS A TIME WHEN WALMART USED ILLEGALS TO CLEAN THEIR STORES. THEY LOCKED THEM IN AT NIGHT. ANYTHING TO AVOID PAYING LIVING WAGES.


ALL 'CHEAP' LABOR IS HEAVILY SUBSIDIZED BY MIDDLE AMERICA!


15 Reasons Why Walmart Is The Worst Company In America




Apart from being known for its cheap deals and its humungous megastores, it turns out that the biggest and most famous retailer in the world, Walmart, is surrounded by controversies, scandals and multi-million dollar lawsuits against its poor and unsafe working conditions, its devastating impact on local communities, and a whole lot of corporate greed. The retail giant’s problematic corporate policies in the U.S., however, are only the tip of the iceberg. For decades, Walmart’s empire is being built on overseas markets through wage slavery and theft, child labor, and many other atrocities that are just now being unveiled to the public. The truth is that the cost of low prices is higher than most people even dare to imagine.  Due to its ultra-low wages, Walmart employees often need government benefits to have proper access to food and healthcare. The company routinely uses taxpayer money to finance its exponential corporate growth. A report released by the House Committee on Education and Welfare found that a two-hundred-person Walmart store costs federal taxpayers approximately $420,750 a year, or $2,103 per employee. These costs include $36,000 a year for free and reduced-cost school lunches; $42,000 for Section 8 housing assistance; $125,000 for low-income family tax credits and deductions; $100,000 for additional Title I expenses; $108,000 for state children’s health insurance expenses; and $9,750 for low-income energy assistance. According to the New York Times, Walmart workers are sicker on average than most American workers. And yet, the billionaire enterprise has done everything in its power to provide the cheapest health insurance plan possible for its employees, using taxpayer subsidies to fund most of these plans. With wages so low, the vast majority of Walmart employees can’t afford health care at all. But even so, if they want to receive some sort of health benefits, they have to disburse 20 percent co-pays, as well as a $5,000 out-of-pocket payment. This means that, if a Walmart worker gets severely ill, they could end up with a $7,500 medical bill. Unfortunately, the iconic store chain has become an example of capitalism at its worse. Four members of the Walton family, the founders of Walmart, collectively own more than $100 billion in wealth, which accounts for more than the entire 40% bottom half of U.S. income earners collectively own. They do everything they can not to give up a penny more than they have to, and being the richest family in the world, they also become the ugliest reflection of corporate greed.  The problem is not being wealthy and influential, but building a huge fortune on the backs of extremely-low paid workers and using whatever strategies they can to avoid having to pay estate and inheritance taxes on their assets, and even using malicious techniques such as establishing a type of charitable trust that can shelter money from taxes, and later put that money back into the pockets of family heirs. Sometimes, with a profit! Sam Walton was actually known for being morally opposed to charity. He said, “We have never been inclined to give any undeserving stranger a free ride,” and “We feel very strongly that Walmart really is not, and should not be, in the charity business.” It’s, in fact, everyone else who should do that to support their underpaid employees. That’s why criticism of Walmart has become about as common as the store itself, and it appears to be getting worse over time. In today’s video, we gathered some of the most shocking facts about the big-box retailer which prove that the company does live up to its bad reputation. For more info, find us on: https://www.epiceconomist.com/


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WALMART!

VIDEO

20 Signs Of The Staggering Decline Of The American Middle Class Family

https://www.youtube.com/watch?v=nHc3TS2JFzU

We just got more evidence that the middle class is being systematically destroyed in America. At this point, millions of people out there have already grown accustomed to barely scraping by from month to month. But that is not what being “middle class” is supposed to be about. Middle-class families should be able to make more money than they have to spend on everyday necessities because is only by doing so that they can build long-term wealth. Unfortunately, income growth has not kept up with the pace of the rising cost of living, and millions of households have taken massive amounts of debt. At the same time, the labor market doesn't offer good-paying jobs that support middle-class life, and the lack of these positions has been contributing to the decline of this income group all across the country. In the early 1970s, the middle class accounted for around 60 percent of the population, but now middle-income households are rapidly becoming a minority in the United States. And as economic conditions continue to deteriorate, millions of hard-working families all over America are being stretched financially like never before. “In America, the middle class can no longer afford retirement. Middle-class Americans face sharp economic inequality, with ownership of financial assets highly concentrated among the wealthy,” explained Tyler Bond, NIRS research manager. “Now that we have a retirement system largely built around the individual ownership of financial assets in 401(k) accounts, middle-class Americans are struggling to accumulate sufficient financial assets during their working years. This means the retirement outlook for many in the middle class is bleak at best.” Since the onset of the health crisis, the U.S. economy has been decaying at an alarming pace. Over the past two years, the middle class has gotten smaller and smaller in this country, and now it seems that another economic downturn is upon us once again. So many families are already living on the edge right now. Recent surveys have exposed that well over 50% of the population is living paycheck to paycheck and that most Americans don't have emergency savings or a financial cushion to fall back on. When you are living on the edge, there is always a danger that you could fall over. Since 2020, we have never seen so many middle-class Americans falling straight into poverty. In other words, unless dramatic changes happen in America, the middle class is going to be absolutely eviscerated in the next decade. We must wake up now. The middle class is dying right before our eyes, and if we want to save it, we must take action now. Today, we compiled a series of new numbers that expose the rapid downfall of the U.S. middle-class.

 

 VIDEOS:

It's Too Late To Stop This Now, Get Your House In Order

https://www.youtube.com/watch?v=3u7173SPBF8

15 Signs That The Social Decay In America Is Worse Than It Has Ever Been Before

 https://www.youtube.com/watch?v=yDTdgIJcoD8

The social fabric of the United States is rapidly deteriorating. Right now, virtually any measure of social welfare is showing us that social decay in America is accelerating at a very shocking pace. Our main institutions are either being dismantled or falling apart. At the same time, civil disorder continues to trigger unprecedented chaos in several parts of our country. Millions of Americans don't have access to proper housing, food, and education, and the gap between the 'haves' and the 'have-nots' has never been wider. The lack of proper education to help Americans thrive and accomplish financial stability is another sign of societal breakdown. Most colleges and universities are failing in one of their most basic missions: to equip students with the tools they need for a career. Millions of students graduate each year totally ill-prepared to earn a living and pay off the debt they’ve accumulated getting their degrees — at least 40% of those who start college don’t finish within six years. Despite these problems, colleges continue to raise tuition and to pay for these ever-increasing costs, students are borrowing more money and taking on more and more debt. And with federal loans accounting for much of the $1.5 trillion in outstanding student loan debt, and more than a million people defaulting on their loans, taxpayers are picking up much of the tab for this broken system while our younger generations remain utterly unprepared for the challenges of adult life. In the world’s wealthiest country, more and more people are living on the streets. Homelessness is a significant indicator of social decay. There are 750,000 Americans who are homeless on any given night, with one in five of them considered chronically homeless. Around 70% of the homeless are individuals, and families with children make up for the remaining 30%. Living without proper access to housing puts many people in very a vulnerable position, oftentimes, their lives are at risk. An examination of 20 US urban areas found that around 13,000 homeless people are victimized by disease, extreme weather, and substance abuse every year. The number of victims shot up by 77% in the five years ending in 2020. Today, the average life expectancy of a homeless person in America is just 50 years. There will be no future for us if we stay on this highly self-destructive path. The choices that we make individually and collectively as a nation are critical for the health of our society. Throughout all human history, great empires have fallen because societies have consistently made the wrong choices. So if we want to prevent the downfall of America, we must start making better choices. But if we are going to change direction, we better start doing it now because time is running out, and it won’t be too long before it is gone completely. Today, we decided to expose some worrying facts about the social breakdown happening all around us.

VIDEOS:

Why New York’s Billionaires’ Row Is Half Empty

https://www.youtube.com/watch?v=Wehsz38P74g&t=1439s

15 Signs That America Is In Much Worse Trouble Than We All Thought

https://www.youtube.com/watch?v=bafVveN1qlc

Today, we brought you some numbers that may be hard to digest. Even though most of us know by now that America is in trouble, many people out there don't have any idea of how deep in trouble we really are. Offense rates are shooting up tremendously right now. As the cost of basic necessities escalates, more people are stealing to feed themselves today than in any other period in the past decade. Gas theft rates are skyrocketing, as prices rise above the $5-dollar-mark. Since January, the number of carjackings has gone up by over 300% in some cities. Officers say that it's not just a few gallons being siphoned from vehicles. Now, thieves are pumping thousands of dollars' worth of fuel from gas stations and selling it for a profit. CNN reported that, in Orlando, Florida, authorities are looking for two people who they say stole more than 1,000 gallons of fuel from a gas station. In Las Vegas, Nevada, highly modified vehicles are being used to steal tens of thousands of gallons from local gas stations. And in Greenville, South Carolina, several arrests for gas thefts have been made since January. Last week, in North Carolina last week, almost 400 gallons of gas were stolen by thieves who were able to bypass the payment system. The list goes on and on, and given that gas prices are expected to continue to rise, we’re going to see many more similar cases happening until the end of the year.

Meanwhile, on dividedness, the U.S. ranks No. 1. A Pew Research Center Survey of 20 developed nations found that Americans were the most likely to say their society was split along partisan, racial, and ethnic lines. The U.S. also reported more religious division than almost any other country surveyed. The truth is that our country is rapidly falling apart. Since the 1970s, economic inequality in the U.S. has skyrocketed, leaving many Americans living paycheck to paycheck while the nation’s top earners hoard all the gains from economic growth. It's actually been 11 years since the last federal minimum wage hike, the longest span the baseline wage has gone without an increase since it began in 1938. Since the last federal minimum wage hike — to $7.25 an hour, starting July 24, 2009 — the cost of living has shot up by 20%, while the price of essentials such as housing and health care have increased even faster. The average rent back in 2009 was about $1,132, adjusted for inflation. On top of all that, the U.S. manufacturing sector is facing a historic slowdown right now, which is quite alarming given that about 12% of the nation’s total output comes from manufacturing. And the supply chain disruptions we’ve seen so far are just a hint of the chaos we are going to witness this year. As we enter peak shipping season, shipping information company Frieghtos estimates that by August the price to ship one 40-ft container from China to the US East Coast will shoot up to more than $20,000, almost twice as high as shipping rates were in January, and a 500% increase from 2019 levels. Our living standards are decaying and, at this point, we all can see our quality of life evaporating right before our eyes. That's why we compiled some sobering statistics that reveal that the crises we're facing are far more severe than most of us imagine. For more info, find us on: https://www.epiceconomist.com/ And visit: http://theeconomiccollapseblog.com/

 

 

  VIDEO

Prepare for the EVICTION WAVE about to hit US Housing Market (13 MILLION NOW IN DEFAULT)

https://www.youtube.com/watch?v=L-XhzvHUgB0

 VIDEOS:

Why New York’s Billionaires’ Row Is Half Empty

https://www.youtube.com/watch?v=Wehsz38P74g&t=1439s

Report: Walmart, GM Lobby U.S. to Hide Import Data that Could Reveal Slave, Child Labor

Children wait in line to receive food distribution from a local supermarket at an evacuation center in Dondo, about 35km north from Beira, Mozambique, on March 27, 2019. - Five cases of cholera have been confirmed in Mozambique following the cyclone that ravaged the country killing at least 468 people, …
YASUYOSHI CHIBA/AFP via Getty Images
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The Associated Press (AP) reported Tuesday that a coalition of major U.S. companies, including Walmart and General Motors, is quietly lobbying the government to make certain import data confidential — a change that would make it much more difficult for journalists and human rights activists to link imported goods to abusive labor practices abroad, including forced labor in China’s Xinjiang province and child labor in Africa.

Human rights lawyer Martina Vandenberg called the closed-door proposals “outrageous” and said American corporations should be “ashamed that their answer to this abuse is to end transparency.”

“Curtailing access to this information will make it harder for the public to monitor a shipping industry that already functions largely in the shadows,” agreed University of British Columbia professor Peter Klein, a prominent analyst of global supply chains.

In essence, the corporate executives who make up the U.S. Customs and Border Protection’s (CBP) Commercial Customs Operations Advisory Committee proposed “modernizing” import/export procedures in a variety of ways, one of which would make “data collected from vessel manifests confidential.”

This would frustrate the current practice of journalists using shipping manifests to determine where goods manufactured or harvested with abusive labor practices were sent, a key tactic in pressuring U.S. companies to stop allowing forced labor into their supply chains.

As the AP pointed out, this seems directly contrary to CBP’s commitment to “boost visibility into global supply chains, support ethical sourcing practices and level the playing field for domestic U.S. manufacturers.” Corporate public relations departments have also been assuring American consumers they wish to cleanse their supply chains of forced labor and child labor.

The advisory committee suggested making customs data confidential would protect American businesses from data theft, which has become “more commonplace, severe, and consequential.”

The AP noted the committee also proposed rules that would require CBP to give advance notice to importers when it suspects they have purchased goods produced through abusive labor practices, a seemingly reasonable request that could imperil whistleblowers because abusive suppliers could be tipped off about complaints and investigations.

Labor activists complain tracking down and prosecuting abuse is already extremely difficult. Some seemingly clear-cut, high-profile lawsuits have been dismissed by judges because the evidence was not airtight enough. On the other hand, importers complain that lawsuits are fantastically expensive and can take years to resolve.

The U.S. Department of Labor in late September announced new initiatives to crack down on forced and child labor, including new reports identifying some of the most problematic regions of the world. 

Both U.S. and international analysts believe abusive labor practices have grown more widespread over the past few years. The latest edition of the Labor Department’s list of goods tainted with child or forced labor added 32 more items to a roster that already included 158 products from 77 countries.

One of the top headlines in the struggle against labor abuses was the Uyghur Forced Labor Prevention Act (UFLPA), which took effect in June 2022. The UFLPA effectively assumes all products from China’s Xinjiang province, which the indigenous population call East Turkistan, are tainted by labor coerced from the Uyghur Muslims and other oppressed minorities, challenging importers to prove otherwise.

Xinjiang is by no means the only area of concern in the world. Another is the alleged use of child labor in the Democratic Republic of Congo (DRC) to mine cobalt, a mineral in high demand for use in rechargeable batteries. Many of the estimated 40,000 children employed in DRC cobalt mining are reportedly digging with their bare hands.

Another industry of great concern is acai berry harvesting in Brazil. Acai berries, which have become one of the most popular “superfoods” for their pleasing taste and antioxidant qualities, grow near the top of South American palm trees that can exceed 60 feet in height. Adults are too heavy to reach the fragile tops of these trees, so children are tasked with climbing their trunks and using saw blades to cut the berries loose.

This practice is every bit as dangerous as it sounds, especially since venomous snakes and insects infest the dense forests, along with quite a few venomous people. Poor local families are willing to risk their children for low wages in an almost completely unregulated industry to obtain the berries, even though the injury rate for tree-climbers is horrific, and repeatedly climbing the trees can actually stunt a child’s growth.

Numerous complaints have been filed against Zimbabwe’s gold mining industry for using child labor, and many of the mines are owned by Chinese companies that have been accused of severely abusing local employees. Independent or “artisanal” gold mining, which sees desperately poor families sending young children to pan for gold along river banks, is illegal in Zimbabwe, but the practice is so widespread that the authorities cannot control it.

Joe Biden’s Migration Crisis Pushes Swing Voters to GOP

Agents near Lukeville, AZ, found a group of migrants including 17 unaccompanied children. (U.S. Border Patrol/Tucson Sector)
U.S. Border Patrol/Tucson Sector
5:24

The migration crisis is pushing swing voters towards the Republican Party, despite the determination of the GOP’s establishment wing to hide the pocketbook damage, according to a new survey.

The progressive pollsters from the New York-based firm of Schoen Cooperman Research described their swing voter findings in TheHill.com:

Republicans are necessarily making positive gains with this group. Rather, these voters feel that Democrats are unable to address the main challenges America faces …

[The] independents are highly receptive to Republican attacks on Democrats for rising prices, the surge in migrants at the southern border, and increasing crime rates — criticisms that Democrats have largely neglected to counter in their advertising and communications.

Among independents, the GOP has a mere two-point advantage on illegal migration — but a seven-point advantage on legal immigration.

The poll asked, “Please indicate if you trust Democrats or Republicans more to handle the following issues”:

Addressing illegal immigration:

I trust Democrats more 44%
I trust Republicans more 46%
Not sure 10%

Addressing legal immigration

I trust Democrats more 40%
I trust Republicans more 47%
Not sure

The Republicans’ seven-point advantage on immigration was almost identical to their advantage on crime and economics:

Lowering the crime rate

I trust Democrats more 40%
I trust Republicans more 47%
Not sure 13%

Managing the economy

I trust Democrats more 41%
I trust Republicans more 48%
Not sure 11%

The swing voters’ tilt to the GOP, said the pollsters, means that:

Republicans have a clear lead in terms of who these voters trust most to handle the top issues facing the country: The GOP has a 25-point advantage on controlling inflation, a 20-point edge on lowering the crime rate and a 14-point lead on handling illegal immigration as well as on managing the economy.

Forty-five percent “fully” blamed Biden for the border crisis. Only 27 percent said he was “Not at all” responsible.

Biden’s border crisis seems to be polarizing American politics over migration. For example, 47 percent of independents rejected an amnesty for illegal aliens, and instead said they should be “required to leave the country.”

The survey did not ask any questions about the pocketbook impact of migration on wages and housing

The poll showed there was no significant difference on taxation issues, despite the GOP’s traditional role as tax-cutter:

Taxing Americans fairly

I trust Democrats more 41%
I trust Republicans more 41%

Republicans had a big 18-point advantage on inflation — while Democrats had an equal advantage on abortion issues.

The poll summarized the Republican and Democratic messages for the 2022 election — and showed the GOP’s message won an eight-point swing toward the GOP:

The Democratic message was described as:

Despite many challenges, President Biden and Democrats have delivered for Americans. They helped pull the country out of the worst days of the pandemic by providing relief when it was needed most and quickly distributing vaccines. Democrats recently passed historic legislation that will lower costs for families, combat the climate crisis, reduce the deficit, and finally ask the largest corporations to pay their fair share. Republicans have become too extreme, and we need to elect Democrats who will standup for our democracy and freedoms, reject dangerous election lies, oppose attempts to ban abortion, and make our communities safer from gun violence.

The GOP message was described as:

Republicans believe we need a change. Under Democratic leadership, government spending is out of control, record-high gas and grocery prices are hurting middle-class Americans, there has been a surge in violent crime, and millions of migrants are coming across the border illegally. We need to elect Republicans who prioritize keeping our communities safe, cutting taxes, lowering the cost of living, and eliminating wasteful government spending and burdensome regulations.

“Democrats hold a 5-point lead initially, but Republicans come away with a 3-point advantage after messaging,” the article said.

The swing is only eight points because the GOP reduces its appeal on immigration issues by hiding the pocketbook pain of migration.

Many polls show the public wants to welcome some immigrants. But the polls also show deep and broad public opposition to labor migration and the inflow of temporary contract workers into jobs needed by young U.S. graduates.

This “Third Rail” opposition is growinganti-establishmentmultiracialcross-sexnon-racistclass-basedbipartisanrationalpersistent, and recognizes the solidarity that American citizens owe to one another.

US Home Sales Fall for Eighth Straight Month

Surging mortgage rates and record-high prices push affordability beyond the reach of many Americans

FILE PHOTO: A "For Rent, For Sale" sign is seen outside of a home in Washington, U.S., July 7, 2022. REUTERS/Sarah Silbiger


(Reuters)—U.S. existing home sales dropped for an eighth straight month in September as surging mortgage rates and still-elevated selling prices push affordability beyond the reach of many prospective buyers.

Existing home sales fell 1.5% to a seasonally adjusted annual rate of 4.71 million units last month, the National Association of Realtors said on Thursday. Outside of the short-lived plunge during the spring of 2020, when the economy was reeling from the first wave of COVID-19, this was the lowest sales level since September 2012.

Economists polled by Reuters had forecast sales would decrease to a rate of 4.70 million units. On a regional basis, sales fell in the Northeast, Midwest, and South and were unchanged in the West.

Home resales, which account for the bulk of U.S. home sales, decreased 23.8% on a year-on-year basis.

The Federal Reserve, staging an aggressive battle with the highest inflation in 40 years, has raised its benchmark overnight interest rate from near zero in March to the current range of 3.00% to 3.25%, the swiftest pace of policy tightening in a generation or more. That rate is likely to end the year in the mid-4% range, based on Fed officials' own projections and recent comments.

The rate-sensitive housing market has taken a pounding as a result, far more so than most other sectors of the economy. In contrast, other sectors of the economy, like the labor market, have shown resilience despite the Fed's attempts to cool demand.

Data this week showed confidence among homebuilders eroding for the 10th straight month in October, and ground-breaking for new single-family home projects tumbled to the lowest level in more than two years in September.

Mortgage rates, which move in tandem with U.S. Treasury yields, have soared even higher. The 30-year fixed mortgage rate averaged 6.94% in the latest week, the highest in 20 years, up from 6.92% in the prior week, according to data from mortgage finance agency Freddie Mac.

Though house price growth has slowed as demand weakened, tight supply is keeping prices elevated. The median existing house price increased 8.4% from a year earlier to $384,800 in September. There were 1.25 million previously owned homes on the market, down 0.8% from a year ago.

At September's sales pace, it would take 3.2 months to exhaust the current inventory of existing homes, up from 2.4 months a year ago. A four-to-seven-month supply is viewed as a healthy balance between supply and demand.

Properties typically remained on the market for 19 days last month, up from 16 days in August. First-time buyers accounted for 29% of purchases, unchanged from August. All-cash sales made up 22% of transactions, up from 23% a year ago.

(Reporting by Dan Burns; Editing by Paul Simao)

Companies Increasingly Pessimistic as Inflation Climbs, Fed Survey Shows

FILE PHOTO: The Federal Reserve building is pictured in Washington, DC, U.S., August 22, 2018. REUTERS/Chris Wattie/File Photo
 • October 19, 2022 3:30 pm

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(Reuters)—U.S. economic activity expanded modestly in recent weeks, although activity was flat in some regions and declined in a couple of others, the Federal Reserve said on Wednesday in a report that showed firms growing more pessimistic about the outlook.

"National economic activity expanded modestly on net since the previous report; however, conditions varied across industries and districts," the Fed said in its latest collection of surveys known as the "Beige Book," conducted across its 12 districts through Oct 7. "Outlooks grew more pessimistic amidst growing concerns about weakening demand."

Firms noted that price pressures remained elevated, although there was some easing in several districts, and several said labor conditions were cooling somewhat.

The central bank's latest summary of observations from its business, community, and labor contacts was released in the run-up to its Nov. 1-2 policy meeting.

With the latest data showing inflation by the Fed's preferred measure continuing to run at more than three times the central bank's 2% target, despite what has already been the most aggressive round of Fed policy tightening in 40 years, the report may do little to temper expectations for a fourth straight 75-basis-point rate hike in three weeks.

Policymakers have signaled they will keep raising rates until they see inflation cooling, even as they acknowledge that higher borrowing costs will likely translate to slower growth, softer labor markets and a likely increase in unemployment.

U.S. job growth has been strong, and the unemployment rate in September fell to 3.5%. While underlying price pressures for goods have eased as supply chains heal, those of services, which tend to be stickier, continue to rise rapidly.

But as Fed policymakers lift their benchmark overnight lending rate, currently in the 3.00%-3.25% range, nearer to the 4.50%-5.00% range that most of them think will be needed to drive down inflation, they and outside analysts are looking for evidence that the policy tightening is starting to do its work.

Such signs could usher in a slower pace of rate hikes that Fed Chair Jerome Powell has said will come "at some point." But so far they have been hard to see in much of the broad economic data beyond that tracking housing, where a sharp deceleration is underway.

(Reporting by Dan Burns; Editing by Paul Simao)

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